Metaverse ecosystems offer completely working virtual environments in which people may collaborate, play games, and...
Digital Desk: The metaverse technology is expected to power up the present education industry during the following eight years, leading up to 2031. According to a report released on Tuesday, October 3 by research firm InsightAce Analytic, the convergence of the metaverse and the education sector is predicted to generate over $102 billion (approximately Rs. 8,48,980 crore) with an estimated annual growth rate of 38.42 percent.
Metaverse ecosystems, powered by blockchain networks, enable fully complete virtual worlds for users to collaborate, play games, and socialise as digital avatars from the privacy and comfort of their homes.
According to InsightAce's 'Global Metaverse in Education Market Size, Share, and Trends Analysis Report,' schools and colleges creating their brands in the metaverse could become a trend in the next years.
This could make education more accessible to more people by removing potential barriers such as travel, medical issues, and the financial strain on parents to purchase uniforms and other amenities now required by educational institutions.
"The increased adoption of e-learning and rising interest in immersed learning environments are primary factors driving metaverse's expansion in the education market," said InsightAce in a report released on Tuesday.
The increased usage of the Internet, 5G, Cryptocurrencies, Cloud services, and technologies such as AI, VR, and AR are further boosting the chance of the education sector integrating its operations with the metaverse in the future years.
According to the report's findings, the education markets of North America and Asia-Pacific will experience the most rapid integration of education and metaverse.
"Many market participants are seeing promising opportunities in developing nations like China and India, where sizable populations are paired with recent advancements in numerous industries," the study stated.
Several metaverse ecosystems, such as The Sandbox and Roblox, provide fascinating metaverse adventures.
In particular, Mark Zuckerberg's Meta is aiming to make the metaverse sector more usable and immersive for people to experience. Meta, which sells the costly AR/VR gear 'Quest' for metaverse experiences, is aiming to improve the look of digital avatars so that they are less cartoonish and more photorealistic.
According to InsightAce's analysis, industry players must keep up the pace in creating affordable hardware to enter and exit virtual worlds.
Some edtech companies have already begun to include metaverse into their platforms. Among these platforms are Invact Metaversity, Tomorrow's Education, 21K Schools, Roblox, the University of Miami, and the University of Nevada.
In July of last year, the University of Tokyo, Todai, decided to offer a number of academic options in the metaverse.
Former X India president Manish Maheshwari described the metaverse technology as "a solution to combat the education crisis in India and around the world" in an interview. Maheshwari is part of the Invact Metaversity team.